It seems your internal clock and sleep cycle influence more than your health. A new study shows they may also impact your wallet.

If you're prepping to invest in a startup, pay attention to whether you're a night owl or a lark (a morning person). Researchers at Indiana University and Central Florida University found that time-based factors matter. Their study showed that your internal clock, or circadian rhythm, impacts how you perform as an investor. And if you make investment decisions at a time of the day when you're not at your best, you won't be as good at evaluating whether or not a startup will be successful.

The researchers say picking a startup that's going to be a winner is hard to do in general. And making those decisions at the wrong time of day for you can make it even harder.

Their data shows that night owls who invested in the morning, chose more unsuccessful companies than morning people selected. And morning people who invested late in the day didn't do as well as the night owls. Both made similar mistakes in the process.

This study is in the Journal of Business Venturing.

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